Economy

Monday, January 13th 2014 - 07:27 UTC
Nicaragua announces that construction of inter-ocean canal begins this year

President Manuel Ortega said on Saturday that the construction of a massive inter-oceanic canal in Nicaragua that could significantly alter global trade would start at the end of 2014. Ortega gave a Chinese group a concession to manage the future shipping channel for 50 years, with the possibility to renew the contract for another 50.
Monday, January 13th 2014 - 07:09 UTC
Paraguay plans to climb from eighth to world's fifth exporter of beef by 2018

One of Paraguay's priorities is to make the country the world's fifth exporter of beef by 2018, according to Industry and Trade minister Gustavo Leite. The land locked member of Mercosur currently holds the eighth position.
Saturday, January 11th 2014 - 11:04 UTC
President Obama names Stanley Fischer vice-chair of the Federal Reserve

US President Barack Obama Friday nominated former Israeli central bank governor and renowned economist Stanley Fischer as vice chair of the Federal Reserve, completing a shakeup of the board's leadership.
Saturday, January 11th 2014 - 08:24 UTC
Argentina denies it is blame for delay in Mercosur/European Union trade talks

Argentina's Foreign Ministry refuted an article by Brazilian newspaper Valór Económico reporting that negotiations between Mercosur and the European Union had been delayed by the failure to reach agreement with Argentina over a joint proposal of goods to include in a free trade agreement
Saturday, January 11th 2014 - 08:20 UTC
Number of US jobs created last December was the lowest for three years

The US economy created only 74,000 jobs in December, with many Americans giving up looking for work, latest figures show. The number of jobs created was the lowest for three years and was well under half the number expected by analysts.
Saturday, January 11th 2014 - 08:08 UTC
China claims to have become the world's top trading nation in 2013

China has claimed that it is “very likely” that it overtook the US as the world's top trading nation, a title the US has held for decades. According to the latest data, China's total trade grew at an annual rate of 7.6% to 4.16 trillion dollars last year.
Saturday, January 11th 2014 - 07:54 UTC
UK launches scheme to protect Scotch whisky industry from fake products

A new scheme has been launched to protect the Scotch whisky industry from fake or sub-standard products. The Spirit Drinks Verification Scheme has been set up by the UK government to help consumers identify genuine UK-made products.
Saturday, January 11th 2014 - 06:57 UTC
US Supreme Court agrees to consider Argentina litigation case with hedge funds

The US Supreme Court agreed on Friday to consider a dispute over subpoenas in a case stemming from long-running litigation over Argentina's obligations to bond investors in the wake of its default on 100 billion dollars in sovereign debt in 2002.
Saturday, January 11th 2014 - 06:49 UTC
Brazil's inflation off target in 2013 and prospects in election year not encouraging

Brazilian consumer prices ended 2013 higher than expected at 5.91%, above the upper limit of the government target, after inflation surged in December, official statistics released Friday showed. The Brazilian Institute of Geography and Statistics (IBGE) said last month's inflation figure of 0.92% was the highest for December since 2002, and compared with 0.54% a month earlier.
Saturday, January 11th 2014 - 06:30 UTC
Airlines operating in Venezuela have 3.3bn dollars trapped by currency controls

International airlines operating in Venezuela have 3.3 billion trapped because of currency controls, the International Air Transport Association, IATA, revealed. Airlines have to wait around 12 months for the government to convert their Bolivar earnings into dollars, with the time lag growing, according to the Venezuela Airline Association.